Tyro (ASX:TYR) reports 39% lift in payments revenue in FY22

2 min read | August 29, 2022 10:37 AM AEST | By Ritwika

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Tyro (ASX:TYR) reports 39% lift in payments revenue in FY22 — Image source: © Terovesalainen | Megapixl.com

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Highlights:

Tyro, a leading technology firm in Australia, released its FY22 results on the ASX today.

The company reported a noteworthy gain of 39% in its payments revenue and 34% rise in its statutory gross profit in FY22.

Software-enabled payments solution provider, Tyro Payments Limited (ASX:TYR), released its fully audited results of the FY22 today (29 August). The company reported a significant lift in key factors such as merchant numbers, transaction value, revenue, and normalised gross profit in the given period.

Despite reporting strong financials in the FY22 result, Tyro shares opened trading 4% lower at AU$0.96 per share at 10:27 AM AEST, today.

Summary of Tyro’s FY22 performance:

In FY22, 63,770 new merchants choose Tyro as their payment solution, up by almost 10% from FY21.
Tyro Group merchants processed AU$34.2 billion in transactions in FY22, up by 34% compared to FY21.
Tyro’s FY22 payments revenue went up by 39% to AU$318.8 million.
Furthermore, the company’s statutory gross profit in FY22 was lifted by 34% to AU$147.7 million.
By the end of FY22, the company reported a strong balance sheet with AU$123 million in total cash along with other financial investments.
Tyro Connect gained traction in the given period, with 16 industry-leading apps signed, along with gaining 384 active merchants and 14 POS partners.
Tyro’s merchant loan originations went up by 283% compared to FY21 to AU$99.1 million in FY22.
As of 30 June 2022, the company reported a total merchant deposit worth AU$83.3 million compared to AU$75.5 million in June FY21.
Tyro’s EBITDA came down from AU$14.2 million in FY21 to AU$10.7 million in FY22 due to the impacts of COVID-19 and the absence of JobKeeper benefits received in FY21.
In FY22, Medipass collaborated with Tyro to create a new unified health payments business with 60 dedicated health payments specialists.

Tyro’s FY23 earnings guidance:

Tyro recently stepped into FY23 in July 2022, and the company believes that it was a strong start to the new financial year. In July 2022, Tyro’s transaction value got lifted by 46% compared to the previous corresponding period.

Furthermore, Tyro’s payments business in July generated a gross profit of AU$14.1 million on a normalised basis, representing an increase of 46%. The company’s EBITDA before share-based payments expenses for July came in at AU$2.2 million, at operating leverage of 86%.

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